Accounts
Understanding Accounts, Account Groups, Account Types and Account Categories.
Accounts (or also known as Account Numbers or also known as Line Items) are the lowest level of reporting and are a sub group of Account Groups.
Account Groups are again a sub group of Account Types.
Account Types are a sub group of Account Categories.
1. There are four Account Categories namely:
1.1 ASSET
1.2 EQUITY
1.3 INCOME (and expense) STATEMENT
1.4 LIABILITY
These four Categories are system generated and cannot be changed.
Equity is generally not used in schools.
2. Types are user defined but typically can be of the following:
2.1 Fixed ASSET
2.2 Current ASSET
2.3 Long Term LIABILITY
2.4 Current LIABILITY
2.5 Income INCOME STATEMENT
2.6 Expense INCOME STATEMENT
2.7 Etcetera
3. Groups are user defined and may typically be:
3.1 Buildings (of Fixed ASSET Type)
3.2 Furniture (of Current ASSET Type)
3.3 Bank (of Current ASSET Type)
3.4 ICT (of Expense Type)
3.5 Etcetera
4. Sub Groups belonging to Groups may also be defined, for example under the Group ICT you may have:
4.1 Telkom (of ICT Group (of Expense Type))
4.2 MTN (of ICT Group (of Expense Type))
4.3 Internet Suppliers (of ICT Group (of Expense Type))
4.4 Etcetera
5. Accounts are then defined and linked to the Groups (and sub Groups) for Example
5.1 Standard Bank Cheque Account - 1BANK1 (Account Code) - Bank 1 (Account Display name) ---- belongs to Group: Bank (of Current ASSET Type)
5.2 Landline Call Costs (Account Display name) - 2CALLS01 - (Account Code) ---- belongs to Group: Telkom (of ICT Group (of Expense Type))
5.3 Cell Call Costs (Account Display name) - 2CALLS02 - (Account Code) ---- belongs to Group: MTN (of ICT Group (of Expense Type))
5.4 Etcetera
Setting up of the above is done at:
 Account Types
Refer to Account Types
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 Account Groups
Refer to Account Groups
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 Account List Edit
Refer to Account List Edit
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 Opening Balances
Refer to Opening Balances
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 Business Unit Reallocation
Refer to Business Unit Reallocation
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